Fortinet (NASDAQ:FTNT) Given a $100.00 Price Target by Robert W. Baird Analysts

Robert W. Baird set a $100.00 price objective on Fortinet (NASDAQ:FTNT) in a report released on Sunday morning, AnalystRatings.com reports. The brokerage currently has a hold rating on the software maker’s stock.

Several other research analysts also recently commented on the stock. Morgan Stanley increased their price objective on shares of Fortinet from $77.00 to $79.00 and gave the company an equal weight rating in a report on Friday, August 2nd. BidaskClub downgraded shares of Fortinet from a hold rating to a sell rating in a report on Wednesday, August 21st. Cowen began coverage on shares of Fortinet in a report on Thursday, May 23rd. They set a market perform rating and a $85.00 price objective for the company. Bank of America raised shares of Fortinet from a neutral rating to a buy rating in a report on Friday, August 2nd. Finally, Barclays reissued a hold rating and set a $99.00 price objective on shares of Fortinet in a report on Sunday, August 4th. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and ten have assigned a buy rating to the company’s stock. Fortinet has an average rating of Hold and an average target price of $87.86.

FTNT opened at $78.88 on Friday. The firm has a 50-day simple moving average of $80.77 and a two-hundred day simple moving average of $82.29. Fortinet has a 52 week low of $64.41 and a 52 week high of $96.96. The company has a market capitalization of $13.36 billion, a PE ratio of 69.81, a price-to-earnings-growth ratio of 3.53 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.30 by $0.28. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. The business had revenue of $521.70 million during the quarter, compared to the consensus estimate of $511.38 million. During the same quarter in the prior year, the firm earned $0.41 EPS. The business’s revenue was up 18.2% on a year-over-year basis. As a group, analysts forecast that Fortinet will post 1.43 earnings per share for the current year.

In related news, Director Christopher B. Paisley sold 1,000 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $80.72, for a total value of $80,720.00. Following the sale, the director now directly owns 75,213 shares of the company’s stock, valued at approximately $6,071,193.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 8,000 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $81.33, for a total transaction of $650,640.00. Following the completion of the sale, the chief executive officer now directly owns 12,523,273 shares in the company, valued at $1,018,517,793.09. The disclosure for this sale can be found here. Insiders have sold a total of 49,000 shares of company stock worth $3,856,560 over the last 90 days. Corporate insiders own 17.20% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Bremer Bank National Association purchased a new stake in Fortinet in the 1st quarter worth about $44,000. Valeo Financial Advisors LLC raised its position in Fortinet by 2,117.4% in the 2nd quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock worth $39,000 after purchasing an additional 487 shares during the period. Amica Retiree Medical Trust purchased a new stake in Fortinet in the 2nd quarter worth about $51,000. Employers Holdings Inc. purchased a new stake in Fortinet in the 2nd quarter worth about $54,000. Finally, CSat Investment Advisory L.P. raised its position in Fortinet by 207.2% in the 2nd quarter. CSat Investment Advisory L.P. now owns 943 shares of the software maker’s stock worth $73,000 after purchasing an additional 636 shares during the period. 70.48% of the stock is currently owned by institutional investors.

About Fortinet

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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